Tips for First Time Credit Card Users

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Tips For First Time
Credit Card Users
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Consumer Credit

• Why should you use credit? How can credit impact
  your life? What kinds of interest rates and
  hidden fees should you expect? These are all
  great questions involving credit and many people
  have these same questions. If you are curious to
  learn more about how consumer credit works, then
  read no further.

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Dont Fall for Introductory Rates

• Don't fall for the introductory rates on credit
  cards. Be sure to ask the creditor what the rate
  will go up to after, the introductory rate
  expires. Sometimes, the APR can go up to 20-30
  on some cards, an interest rate you definitely
  don't want to be paying once your introductory
  rate goes away.

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Pay on Time

• Make sure that you make your payments on time
  when you have a credit card. The extra fees are
  where the credit card companies get you. It is
  very important to make sure you pay on time to
  avoid those costly fees. This will also reflect
  positively on your credit report.

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Keep Your Balance on a Minimum

• Credit cards should always be kept below a
  specific amount. This total depends on the amount
  of income your family has, but most experts agree
  that you should not be using more than ten
  percent of your cards total at any time. This
  helps insure you don't get in over your head.

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Rethink Your Cash Advances

• Only take cash advances from your credit card
  when you absolutely have to. The finance charges
  for cash advances are very high, and very
  difficult to pay off. Only use them for
  situations in which you have no other option. But
  you must truly feel that you will be able to make
  considerable payments on your credit card, soon
  after.

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Ask for a Lower Interest Rate

• To avoid spending more money, ask your credit
  company about the opportunity for a lower
  interest rate. If you have a significant history
  with a credit card company, and have paid your
  payments in a timely manner, they may be willing
  to offer you a lower rate. A simple phone call
  may be all it takes in order to get a more
  competitive rate and save you money.

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RESOURCES

• For people who are trying to build their credit
  score, secured credit card is a good start
  http//www.newhorizon.org/Info/securedcc.htm
• Or make sure you apply to credit cards that DO NO
  harm to your credit score - or those cards that
  only do SOFT INQUIRY to your credit report.

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